Weekly cattle and sheep market wrap

Cattle market 

Cattle prices continued to strengthen this week, with increased demand supporting the market across most categories. 
 
Notably, Feeder Heifer, Restocker Yearling Steer and Restocker Yearling Heifer Indicators all recorded strong price gains despite higher throughput. When prices rise alongside increased yardings, it’s a strong indication that demand – rather than simply reduced supply – is driving the market higher. 
 
The Restocker Yearling Heifer Indicator lifted 37¢ this week after rising more than 40¢ the previous week, while the Restocker Yearling Steer Indicator increased 35.7¢. Particularly significant is the performance of the Restocker Yearling Heifer Indicator, which sat below year-ago levels just four weeks ago but has since surged by 100.17¢/kg liveweight (lwt) over the month to move above 2025 prices. 
 
The Eastern Young Cattle Indicator (EYCI) reflected these broader market trends. Restocker buyers were the primary drivers of the market this week, with restocker prices increasing 64¢ compared to feeder prices, which rose 30¢. As a result, restockers overtook feeders as the highest-paying buyers for young cattle. 
 
Roma continued to dominate the restocker market, accounting for 43% of all restocker young cattle sold nationally. 
 
The EYCI reached 941¢/kg carcase weight (cwt) this week – its highest level since 2022 and a four-year high. Some of the strongest young cattle prices were recorded at Wagga, Wodonga, Carcoar, Goondiwindi and Singleton – regions that only weeks earlier were heavily impacted by drought-driven turn-off.

Sheep market 

The sheep and lamb market also recorded widespread price gains this week, although signs of softer demand are beginning to emerge in some categories. 
 
Heavy lamb prices surged 37¢, while the Merino Lamb Indicator rose 25¢. Trade Lamb and Restocker Lamb Indicators also lifted strongly, up 12.4¢ and 13.9¢ respectively. While prices remain below recent peaks, they continue to track well above year-ago levels. 
 
In contrast, the Mutton Indicator eased by 1¢ and the Light Lamb Indicator fell 7¢. Importantly, both categories also experienced reduced throughput during the week. Lower prices combined with lower supply suggest demand for these categories is beginning to soften relative to supply conditions. 
 
Across the broader sheep market, indicators with increased throughput generally recorded stronger prices, reinforcing that demand remains robust for well-supported categories. Conversely, weaker demand sensitivity is beginning to emerge in areas where throughput has contracted. 

Slaughter and throughput 

 National cattle slaughter increased to 166,000 head this week – the highest weekly adult cattle slaughter recorded since 2015 according to NLRS data. All major states except Victoria recorded higher week-on-week processing volumes, with Queensland posting the largest increase, up 6,000 head. 
 
The elevated slaughter levels continue to reinforce expectations for record Australian beef production in 2026. 
 
National cattle yardings sat at 73,000 head last week. While this remains above the average of the past two years, it’s well below the significant peaks recorded in April when yardings exceeded 107,000–113,000 head. Despite lower throughput compared to April highs, prices continue to remain firm. 
 
In the sheep sector, lamb slaughter continued to trend below 2025 and 2026 levels. Lamb slaughter reached 399,874 head for the week, while adult sheep slaughter sat at 95,736 head – the fourth-lowest weekly adult sheep slaughter recorded over the past two years. 
 
Sheep and lamb yardings also remained subdued. Lamb yardings totalled 188,000 head, while sheep yardings came in at 58,000 head, both well below typical seasonal levels and prior-year volumes. The largest reductions in throughput were recorded through key southern selling centres including Wagga and Queensland markets. 

Attribute content to: Stephen Bignell, MLA Market Information  

Information is correct at time of publication on 29 May 2026.